Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEWPORT BEACH, CA-The merger between Pacific Gulf Properties Inc. and FountainGlen Properties LLC is expected to close sometime this week, as Pacific Gulf shareholders have recently approved it.

They have also approved the appointment of Wells Fargo Bank Minnesota, National Association as the trustee of Pacific Gulf’s liquidating trust, which will be set up before the merger closes. The company plans to establish the trust and transfer cash and its two remaining industrial properties to it, according to a company spokesperson.

Beneficial interests in the trust will be distributed to all those shareholders of record who hold Pacific Gulf shares on the effective date of the merger. Each shareholder will receive an interest that is proportional to the amount of common stock held when compared to Pacific Gulf’s outstanding shares of common stock.

In addition, the liquidating trust will be responsible for selling the assets transferred to it and then distributing those proceeds to the shareholders. Although Pacific Gulf officials say they can’t give any definitive assurances of the amount or timing of distributions, they do estimate that these assets could produce distributions of up to $2.20 per share.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.